TNT Express agrees to conditional sale of airline

Friday, November 16, 2012

TNT Express, one of four integrated express delivery companies operating around the world, announced Friday it will sell in-house airline TNT Airways and Pan Air Lineas Areas SA to ASL Aviation Group on the condition that European Union regulators approve TNT's sale to rival UPS. UPS offered last spring to buy TNT for $6.5 billion, but EU competition authorities have yet to grant approval because of concerns the deal would leave consumers without viable alternatives for package delivery services in some markets that would keep prices in check. Atlanta-based UPS and TNT are trying to convince regulators that their merger is not anti-competitive , but UPS is reportedly preparing to make concessions that would give up some TNT as...